Shares move from marginally down position in mid-day trade to red territory as day proceeds

By Hiran H. Senewiratne

Shares were marginally down in mid-day trade yesterday but later the market moved to red territory with a below the average turnover level. Consequently, both indices moved downwards, market analysts said.

The main All Share Price Index was down 0.81 88.4 points, while the S&P SL20 was down by 33.7 points. Turnover stood at Rs 900 million with two crossings. Those crossings were reported in Melstacope, which crossed 2 million shares to the tune of Rs 174 million; its shares traded at Rs 87 and Hemas Holdings 305,000 shares crossed for Rs 24.4 million, its shares sold at Rs 80.

In the retail market, the top seven companies that mainly contributed to the turnover were; JKH Rs 34 million (182,000 shares traded), HNB Rs 32.3 million (189,000 shares traded), Melstacope Rs 31.1 million (357,000 shares traded), Sampath Bank Rs 28.2 million (412,000 shares traded), Pan Asia Bank Rs 26.8 million (1.3 million shares traded), Ceylinco Insurance Rs 22.4 million (260,000 shares traded) and Tokyo Cement (Voting) Rs 20.6 million (368,000 shares traded). During the day 31.8 million share volumes changed hands in 11000 transactions.

It is said high net worth and institutional investor participation was noted in Sampath Bank. Mixed interest was observed in Tokyo Cement Company, Expolanka Holdings and Capital Alliance, while retail interest was noted in Browns Investments, Kingsbury and Agstar.

The Materials sector was the top contributor to the market turnover (due to Tokyo Cement Company) while the sector index lost 1.74 percent. The shares of Tokyo Cement Company lost Rs. 1.50 to settle at Rs. 55.70.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank), whie the sector index decreased by 1.09 percent. The share price of Sampath Bank decreased by 80 cents to reach Rs. 69.80.

Yesterday, the rupee opened at Rs 324.00/75 to the US dollar after closing on Monday at Rs 324.00/50 to the US dollar, dealers said.

Bond yields were up. A bond maturing on 01.08.2026 was quoted up at 14.75/90 percent from 14.20/14.40 percent. A bond maturing on 15.09.2027 was quoted up at 14.25/50 percent from 14.10/30 percent from Friday. A bond maturing on 01.05.2028 was quoted up at 13.80/14.20 percent from 13.75/85 percent.